How do you spell "success" in the Obama administration? How about a 48% failure rate!

According to a new Treasury Department report approximately half of the 1.3 million home owners who signed up for Obama's much-touted mortgage-relief program have dropped out. As of July of this year roughly 630,000 individuals who tried to lower their monthly mortgage payments have failed to continue with the program. This represents a whopping 48% rate of failure, despite the optimistic (but quite unrealistic) dreams the White House had for this initiative. Only 32.3% of those who began the program completed permanent loan modifications and are current on their mortgage payments.

President Obama and the Democrats refuse to understand that if Americans cannot find a job or raise the capital to start a business they won’t be able to afford mortgage payments. The only way to help the economy and restore confidence in the private sector is to cut taxes, remove useless government regulations, and get out of the way. No amount of stimulus money and government programs will motivate businesses to create wealth and jobs and bring us back on the road to economic prosperity. The longer this administration and its incompetent cabinet continue to deny reality and ignore unchangeable economic rules, the worse things will get for the country. The clock is ticking.

Chris Banescu blogs at chrisbanescu.com.